{"id":1944045,"date":"2023-06-04T19:19:01","date_gmt":"2023-06-04T23:19:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/saudi-pledges-big-oil-cuts-in-july-as-opec-extends-deal-into-2024\/"},"modified":"2023-06-04T19:22:07","modified_gmt":"2023-06-04T23:22:07","slug":"saudi-pledges-big-oil-cuts-in-july-as-opec-extends-deal-into-2024","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/saudi-pledges-big-oil-cuts-in-july-as-opec-extends-deal-into-2024\/","title":{"rendered":"Saudi Arabia promises significant oil reductions in July as OPEC+ extends agreement until 2024."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsaudi-pledges-big-oil-cuts-in-july-as-opec-extends-deal-into-2024%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1944045&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Saudi Arabia to Deepen Oil Output Cut in July<\/h2>\n<blockquote>\n<p>By Maha El Dahan, Alex Lawler and Ahmad Ghaddar<\/p>\n<p>VIENNA (Reuters) -Saudi Arabia will make a deep cut to its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group seeks to boost flagging <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-releases-list-of-president-trumps-accomplishments-and-it-is-historic\/\" title=\"White House Releases List of President Trump\u2019s Accomplishments \u2013  And It Is Historic!\">oil prices<\/a>.<\/p>\n<\/blockquote>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">\n\t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>\n<\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<p>Saudi\u2019s energy ministry said the country\u2019s output would drop to 9 million barrels per day (bpd) in July from around 10 million bpd in May, the biggest reduction in years.<\/p>\n<p>\u201cThis is a Saudi lollipop,\u201d Saudi Energy Minister Prince Abdulaziz told a news conference. \u201cWe wanted to ice the cake. We always want to add suspense. We don\u2019t want people to try to predict what we do\u2026 This market needs stabilisation\u201d.<\/p>\n<p>OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world\u2019s crude, meaning its policy decisions can have a major impact on oil prices. <\/p>\n<p>A surprise decision to cut supply in April briefly sent international benchmark Brent crude around $9 higher, but prices have since retreated under pressure from concerns about the weakness of the global economy and its impact on demand.<\/p>\n<p>On Friday, Brent ended trade for the week at $76.<\/p>\n<p>Saudi Arabia is the only member of OPEC+ with sufficient spare capacity and storage to be able to easily reduce and increase output.<\/p>\n<p>It was able to respond rapidly to excess supply that weakened the market in the early stages of the pandemic in 2020 when the group of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/saudi-pledges-big-oil-cuts-in-july-as-opec-extends-deal-into-2024\/\" title=\"Saudi Arabia promises significant oil reductions in July as OPEC+ extends agreement until 2024.\">producers implemented record output cuts<\/a>.<\/p>\n<h3>Extension to End of 2024<\/h3>\n<p>OPEC+ has in place cuts of 3.66 million bpd, amounting to 3.6% of global demand, including 2 million bpd agreed last year and voluntary cuts of 1.66 million bpd agreed in April. <\/p>\n<p>Those cuts were valid until the end of 2023 and on Sunday OPEC+, in a broader deal on output policy agreed after seven hours of talks, said it would extend them until the end of 2024.<\/p>\n<p>Analysts said Sunday\u2019s OPEC+ decision sent a clear signal the group was willing to support prices and attempt to thwart speculators.<\/p>\n<p>\u201cIt is a clear signal to the market that OPEC+ is willing to put and defend a price floor,\u201d Amrita Sen, co-founder of Energy Aspects think-tank, said.<\/p>\n<p>Veteran OPEC watcher and founder of Black Gold Investors Gary Ross said: \u201cThe Saudis have made good on their threats to speculators and they clearly want <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/average-u-s-gas-price-3-44-a-gallon-the-highest-since-2014\/\" title=\"Average U.S. gas price .44 a gallon, the highest since 2014\">higher oil prices<\/a>.\u201d<\/p>\n<p>In addition to extending the existing OPEC+ cuts of 3.66 million bpd, the group also agreed on Sunday to reduce overall <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/leftist-magazine-jacobin-facebooks-metaverse-must-be-stopped\/\" title=\"Leftist Magazine Jacobin: Facebook\u2019s 'Metaverse' Must Be Stopped\">production targets<\/a> from January 2024 by a further 1.4 million bpd versus current targets to a combined of 40.46 million bpd.<\/p>\n<p>However, many of these reductions will not be real as the group lowered the targets for Russia, Nigeria and Angola to bring them into line with actual current production levels.<\/p>\n<p>By contrast, the United Arab Emirates was allowed to raise output targets by around 0.2 million bpd to 3.22 million bpd.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Saudi Arabia plans to further reduce its oil output in July, in addition to the OPEC+ agreement to limit supply until 2024, in an effort to increase oil prices. The country&#8217;s energy ministry announced the production cut.<\/p>\n","protected":false},"author":66,"featured_media":1944046,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[4506,5877,5364,3898,10055,7393,23480,12302,28291,6259],"class_list":["post-1944045","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann","tag-4506","tag-agreement","tag-arabia","tag-extends","tag-july","tag-oil","tag-opec","tag-promises","tag-reductions","tag-saudi"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1944045","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1944045"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1944045\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1944046"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1944045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1944045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1944045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}